How to Open a Checking Account

Video Transcript

"This is financial advisor, Patrick Munro, talking about how to open a checking account. A checking account is a privilege that an individual enjoys working with a bank and it is normally happens after an individual has a savings account relationship at the bank as well. Basically what the bank is going to do is cover a paper item called a check when you write that out in the field away from the bank and honor that check as payment for goods and services. It is paramount upon the holder of the checking account to make sure there is enough money in the account to back up the checks being written. It is a federal offense to kite or write bad checks and it is punishable by incredibly large fines and sometimes jail time so individuals need to be well aware of their responsibility. Checking is a convenient item although quickly becoming old in nature most people are using debit cards or in fact paying their bills on line nowadays, however, checks will probably be maintained in the financial super structure for quite some time. This is financial advisor, Patrick Munro, talking about how to open a checking account."